America is in the midst of a pay discrimination crisis. Today, in too many workplaces and across too many industries, women and people of color aren’t paid the same as their white and male counterparts.
These disparities make it harder for women and people of color to save for a home, put a child through college, or invest for retirement. In fact, one study found that the racial wealth gap would disappear if the racial income gap was eliminated.1
That’s why Amalgamated Bank has been leading the banking industry in helping to tackle pay discrimination.
We were the first bank to conduct a public, third-party pay equity audit of all our employees. The goal of this audit was to identify – and address – any potential gaps in pay across gender and race. We have made those findings publicly available and will continue to conduct these assessments to ensure we’re standing by our principles and to set an example for the rest of the industry.
Because we know that pay discrimination is just one cause of the current inequality in this country, we are tackling the racial wealth gap through shareholder resolutions to drive progress toward a more equitable and representative workforce.
We have also taken action to ensure a living wage is paid to all workers. We were the first bank to raise our minimum wage to $20 an hour for all full-time employees and enforce pay transparency non-discrimination with all our contractors.
To learn more about how we are America’s socially responsible bank and how to open an account, click below.